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There are two main types of life insurance, namely whole life insurance and term insurance. The decision between the two policies is a personal choice. The first phase of the decision-making process is choosing between the cost of the whole life and the term. Whole life policies are priced higher than term policies for your entire life with a similar amount of coverage, whereas, term policies protect you for a pre-specified period of time. Your main concern for consideration should be having adequate coverage when you need it.
The purpose of life insurance is to provide financial security to the dependents after the insured has passed away. It is important for applicants to examine their financial situation and decide the standard of living needed for their dependents before opting for any life insurance policy. Once life insurance plans have been issued, they cannot be reduced, canceled, or revoked except for in cases of fraud or non-payment. This attaches a degree of certainty to the life insurance plans.
The advantages of life insurance plans are:
The top life insurance plans across the UAE are:
Provider |
Life Insurance Plan |
Cover
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The Sure Term International Life Insurance Program |
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Pure Protection Plan |
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Life Care Plan |
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Whole Life Insurance |
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Term Insurance Plan |
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Hemaya Plus Term Plan |
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Hyat Plus Whole Life Plan |
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Hyat Superior Whole Life Plan |
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The top insurance providers in the UAE are:
Union Insurance understands that life is uncertain, but they believe that it doesn’t have to be the case of your family’s future. Union insurance secures your family with financial stability in case of any unforeseen events.
The Sure Term Insurance provides coverage in the following aspects:
Noor Takaful provides protection in the form of the Pure Protection Plan and the Life Care Plan. The Pure Protection covers your family in case of any unforeseen event. It is very cost-friendly and can be well suited for short duration financial goals such as coverage to pay off a loan. It can also be used to provide extra protection to your child during his growing years.
Life Care is an investment-linked plan that provides cover for life so that your loved ones are financially secure. The sum covered is paid to your family members following your death at any time. Additionally, the plan provides the flexibility to pay additional contributions in the form of future savings, which is invested in the Shariah-compliant Takaful fund. This accumulates cash value for your future needs. There is also an option to pay for a limited number of years though the cover will continue for life.
Alliance Insurance offers two types of life insurance plans, the whole life insurance, and the term life insurance.
Whole Life products provide coverage for the entire life of the insured and guarantee a fixed sum in the event of death, with an option to obtain cash payments before the maturity of the plan. The term insurance plan provides you life coverage for a specified period of time.
Salama offers a variety of term and whole life plans such as the Hemaya Plus Term plan which is for a specified period of time and the hyat plus and hyat superior whole life plans which do not have any expiry date.
On an Endnote
The UAE has numerous top providers that offer you great life insurance plans that can be chosen as per your specific needs.